Business
United Bancorp, Inc. Reports Third Quarter Earnings Up 39% and Record Nine Month Earnings
MARTINS FERRY, OH / ACCESSWIRE / October 28, 2021 / United Bancorp, Inc. (NASDAQ:UBCP) reported diluted earnings per share of $0.50 for the three months ended
About this update from United Bancorp, Inc.
[{"type":"text","content":"MARTINS FERRY, OH / ACCESSWIRE / October 28, 2021 / United Bancorp, Inc. (NASDAQ:UBCP) reported diluted earnings per share of $0.50 for the three months ended September 30, 2021, an increase of $0.14 per share, or 39%, over the previous year. For the first nine months of the current year, UBCP reported diluted earnings per share of $1.21, an increase of 30%, and net income of $6,995,000, an increase of 32%, over the previous year, which are record levels for the Company.Randall M. Greenwood, Senior Vice President, CFO and Treasurer remarked, \"Even though our economy continues on its road to full recovery from the impact of the events that have occurred over the course of the past year and a half, we are extremely pleased to report on our earnings performance for the third quarter and first nine months of 2021. For the quarter ending September 30, 2021, our Company achieved net income of $2,902,000 and diluted earnings per share of $0.50, which was an increase of $843,000, or 41%, and $0.14, or 39%, respectively over the previous year. For the nine months ended September 30, 2021, our Company produced net income of $6,995,000 and diluted earnings per share of $1.21, which was a respective increase of $1,682,000, or 32%, and $0.28, or 30%, over the previous year. We are exceedingly proud to report these earnings levels, which reflect record performance for our Company for the quarter and the first nine months. Our Company achieved this level of earnings performance even though we only saw marginal growth in our loans outstanding and a fairly substantial decline in our securities portfolio balance. As of September 30, 2021, gross loans were $462.1 million, which was an increase of $18.8 million, or 4.3%, over the previous year. In addition, securities and other restricted stock was $139.2 million, which was a decrease of $23.3 million, or 14.3%, from the previous year. The marginal growth of our loan portfolio is highly reflective of the limited lending opportunities with which our industry is confronted due to the lingering effect of and economic challenges created by the COVID-19 pandemic. With that stated… our loan growth is in-line with (or, even above) the average loan growth achieved by our peer. The decline in our securities and other restricted stock is primarily related to some calls and prepayments on various securities ...